3 simple ways to make your bookkeeping more efficient
Feb 11, 2022
When you’re running a business, bookkeeping tasks often slip down the to-do list. But bookkeeping doesn’t have to be a chore that you put off. In fact, there are simple steps you can take to keep your records up to date and stay on top of your business finances, with minimal fuss. Here are our top three tips for doing just that:
- Software is your friend. Use it!
There’s a wide range of software out there to make bookkeeping easier. Here at Jupp Castle, we use Xero’s cloud-based accounting platform to manage everything: cash flow, invoicing, tax and VAT returns, expenses, payroll, you name it. We also use other time-saving tools that integrate with Xero, such as Dext Prepare. With this tool you can snap a picture of receipts and bank statements, then the information is seamlessly transferred into Xero – meaning you don’t need to manually input your expenses. Basically, whatever bookkeeping tasks you want to streamline or automate, you can be sure there’s a software platform or app to help.
- Don’t leave everything until the last minute
Having just completed another self assessment season, we know that many people leave tax returns, VAT returns and year-end accounts until the last minute. Slogging through a mountain of paperwork and receipts is never fun, but if you’re up against a deadline it can be downright stressful. Especially when you can’t find all the paperwork you need. This is why you should make time for the books throughout the year. Again, software will help with this. But if you’re doing things manually, simply make time to regularly go through your receipts, bills and statements, and update your records. A Google calendar reminder to do this weekly (or at the very least monthly) will do wonders for your stress levels when deadlines roll around.
- Hire a bookkeeper
If you really want to take the hassle out of bookkeeping, work with a professional bookkeeper. Yes, this costs money, but a good bookkeeper will ultimately save you more than they cost. You’ll have more time to focus on your business, plus you’ll constantly have a real-time picture of how your business is performing – which is great for improving decision making. We recommend choosing a fixed-price bookkeeping package. That way, you know exactly what to expect for the year ahead, and can plan your finances accordingly.
Want to streamline your bookkeeping and free up more of your time? Book a free chat to discuss our affordable, fixed-price bookkeeping services.
(Photo by Illiya Vjestica on Unsplash)
